I know there are a lot of Magic Lantern fans here. In case you haven't heard: Magic Lantern has released a new version: 2.3: http://www.magiclantern.fm/releasenotes

It is available to financial supporters (for very modest donations) now, and to everyone else on August 13 (technically, it is available to everyone for free now, but you must compile the code or wait until August 13).

I have no association with them. I'm just a happy supporter (and heck, with the drop in the value of the Euro, it is easier/cheaper than ever for us Americans to support them).

My view is that Canon should pay these folks or at least give them a 5D Mark III. I'm thinking of buying a Mark II, just to have ML on a full frame. My fear is that it will cause me to hate our Mark III! For me, Magic Lantern is true value added.

I keep wanting to install this on my 550d yet that last warning (this can damage your camera) always freaks me out. Any actual horror stories of it bricking anyones canons?

Michael, I hope others will chime in.

I've installed three or four versions of Magic Lantern on my 550D and 600D (and 4 SD cards) over the last six months or so without any issues. I'm always careful to follow their directions as closely as possible. The only instances I've heard of people having issues is if they quickly open the card door and remove their SD cards (with ML running) before the red light goes off. Even then, I think they were able to recover. ML clearly warns (in bold in their user guide) about this.

The only issue that I've ever had with a camera "bricking" is our new Canon 5D Mark III appeared to be bricked. The culprit was a pin in the CF slot that got bent. Even then, taking the battery out and operating the camera with an SD card instead of a CF card worked. My point is that something as routine as putting a CF card in the camera can "brick" it. Of course, in this situation, it was quickly repaired by Canon under warranty (I was very impressed by their quick turnaround).

It is an open question as to whether ML will void the warranty (ML has a few opposing views on this on their site). My personal view for my own equipment is that, especially as my 550D and 600D go out of warranty, the risk and potential cost to repair are worth it. I would be surprised if Canon couldn't restore the camera quickly if something were to happen. But, again, I've not heard reports of it coming to this at all.

Still, no guarantees. If you are uncomfortable with it and it will make using your camera less enjoyable/productive, then pass on it. If I were you and new to ML, I wouldn't install it (or anything else, for that matter) on a Friday before a weekend wedding shoot. But that is because I'm extremely risk averse. In fact, I did just update to 2.3 yesterday when I need my cameras for an intense weekend of shooting. The 2.3 install was essentially a new install, since I had to update the Canon firmware first (the old ML I was using used the previous Canon firmware) and then install ML anew. 3 cards and no issues. I followed the directions.

I'm running 2.3 on my 5D Mark II no problems. Only thing I'm unsure of is whether it's okay to use a battery pack AFTER you have installed ML? I have been and it's working great so guess it's a non issue. Just make sure you don't have either a battery pack or flash attached when installing. I got my Sescom audio cable today so have been mucking around with audio monitoring with my Rode VideoMic Pro and it's pretty awesome. Audio monitoring and focus assist alone make Magic Lantern highly recommended!!!

My MkII is not acting correctly since installing ML. Some cards don't work on the camera. Sometimes the shutter gets stuck open... And the instructions to uninstall ML completely from the camera don't work. The only thread on the ML site to uninstall ML completely from MkII is marked as solved, but it's not. Does anybody know how to remove ML from MkII?

I think you will find more help on the ML forum. I have found that the key to ML issues is following every letter of their instructions. But, if there is an issue with your particular installation of ML, they should be able to help you on the ML forum.